The Challenge:
Our client, a major player in the global pharmaceutical industry, faced a significant challenge. They needed to evaluate the influence of their diverse marketing activities on sales.
Brandscapes Brew Insights:
- In response to our client’s needs, we utilized our proprietary Brandscapes Marketing Mix Modelling (MMM). This approach aimed to answer essential business queries:
- What was the contribution of each marketing activity to sales?
- What was the sales elasticity in response to spending on each activity, and where was the saturation point?
- How efficient were the expenditures for each activity?
- What was the return on investment (ROI) across various marketing activities?
We used a simulator to establish the optimal spend mix and recommend budget allocation.
Marketing Actions:
Our analysis equipped our client with the knowledge to pinpoint the most effective marketing channels (such as detailing, in-clinic, digital, etc.) to attain their marketing goals and maximize returns. With this newfound understanding, they could optimize their spend levels in alignment with their market conditions and organizational realities.
Outcome:
The outcome of our collaboration with the client was the optimization of their marketing spends. This process helped maximize ROI from each activity, all while maintaining the same budget. Our strategic approach and comprehensive analysis enabled our client to make informed decisions that significantly improved their marketing effectiveness.
